GLFOX vs. FIW

Last updated Aug 1, 2026

GLFOX (Lazard Global Listed Infrastructure Portfolio Open Shares) and FIW (First Trust Water ETF) are both funds - GLFOX is a Infrastructure Equities fund managed by Lazard, while FIW is a Water Equities fund tracking the ISE Clean Edge Water Index. Over the past 10 years, GLFOX returned 9.70%/yr vs 12.38%/yr for FIW. Their 0.59 correlation means they have sometimes moved together and sometimes differently. GLFOX charges 1.22%/yr vs 0.50%/yr for FIW.

Performance

GLFOX vs. FIW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and First Trust Water ETF (FIW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLFOX achieves a 7.60% return, which is significantly higher than FIW's 0.42% return. Over the past 10 years, GLFOX has underperformed FIW with an annualized return of 9.70%, while FIW has yielded a comparatively higher 12.38% annualized return.

GLFOX

• 1D: -0.36%
• 1M: -1.14%
• 6M: 3.72%
• YTD: 7.60%
• 1Y: 14.26%
• 3Y*: 13.10%
• 5Y*: 10.55%
• 10Y*: 9.70%
• ALL TIME*: 10.60%

FIW

• 1D: 0.20%
• 1M: -0.27%
• 6M: -3.23%
• YTD: 0.42%
• 1Y: 1.34%
• 3Y*: 6.99%
• 5Y*: 5.15%
• 10Y*: 12.38%
• ALL TIME*: 9.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIW First Trust Water ETF	$5.33M	$5.43M	$6.04M
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	$0.00	$0.00	$0.00

GLFOX vs. FIW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	7.60%	23.53%	6.43%	10.59%	-1.59%	19.67%	-4.71%	21.95%	-4.06%	20.44%
FIW First Trust Water ETF	0.42%	7.20%	8.38%	20.35%	-15.70%	32.00%	21.15%	37.37%	-9.23%	24.69%

Correlation

The correlation between GLFOX and FIW is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.53
Correlation (10Y) Provides a long-term view across more market conditions.	0.55
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.59

Over the past year, the correlation between GLFOX and FIW has dropped to 0.37 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

Return for Risk

GLFOX vs. FIW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GLFOX

GLFOX Risk / Return Rank: 40
GLFOX Sharpe Ratio Rank: 47
GLFOX Sortino Ratio Rank: 43
GLFOX Omega Ratio Rank: 46
GLFOX Calmar Ratio Rank: 37
GLFOX Martin Ratio Rank: 29

FIW

FIW Risk / Return Rank: 12
FIW Sharpe Ratio Rank: 12
FIW Sortino Ratio Rank: 12
FIW Omega Ratio Rank: 11
FIW Calmar Ratio Rank: 12
FIW Martin Ratio Rank: 12

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GLFOX vs. FIW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) and First Trust Water ETF (FIW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GLFOX	FIW	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.05	+1.23
Sortino ratio: Return per unit of downside risk	1.77	0.20	+1.57
Omega ratio: Gain probability vs. loss probability	1.24	1.02	+0.21
Calmar ratio: Return relative to maximum drawdown	1.55	0.06	+1.48
Martin ratio: Return relative to average drawdown	4.18	0.15	+4.04

GLFOX vs. FIW - Sharpe Ratio Comparison

The current GLFOX Sharpe Ratio is 1.28, which is higher than the FIW Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of GLFOX and FIW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLFOX vs. FIW - Drawdown Comparison

The maximum GLFOX drawdown since its inception was -29.65%, smaller than the maximum FIW drawdown of -52.75%. Use the drawdown chart below to compare losses from any high point for GLFOX and FIW.

Drawdown Indicators

	GLFOX	FIW	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-52.75%	+23.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-13.81%	+4.80%
Max Drawdown (3Y) Largest decline over 3 years	-9.01%	-18.32%	+9.31%
Max Drawdown (5Y) Largest decline over 5 years	-17.14%	-28.53%	+11.39%
Max Drawdown (10Y) Largest decline over 10 years	-29.65%	-36.60%	+6.95%
Current Drawdown Current decline from peak	-5.55%	-5.82%	+0.27%
Average Drawdown Average peak-to-trough decline	-3.43%	-8.29%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	6.05%	-2.72%

Volatility

GLFOX vs. FIW - Volatility Comparison

The current volatility for Lazard Global Listed Infrastructure Portfolio Open Shares (GLFOX) is 2.84%, while First Trust Water ETF (FIW) has a volatility of 5.47%. This indicates that GLFOX experiences smaller price fluctuations and is considered to be less risky than FIW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLFOX	FIW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	5.47%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	12.58%	-3.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.88%	16.53%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.01%	18.49%	-7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	19.92%	-6.73%

GLFOX vs. FIW - Expense Ratio Comparison

GLFOX has a 1.22% expense ratio, which is higher than FIW's 0.50% expense ratio.

Dividends

GLFOX vs. FIW - Dividend Comparison

GLFOX's dividend yield for the trailing twelve months is around 7.09%, more than FIW's 0.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIW First Trust Water ETF	0.72%	0.69%	0.69%	0.68%	0.67%	0.37%	0.56%	0.55%	0.73%	1.13%	0.51%	0.76%
GLFOX Lazard Global Listed Infrastructure Portfolio Open Shares	7.09%	6.03%	4.00%	2.69%	14.50%	6.02%	2.39%	4.20%	13.99%	6.82%	2.07%	11.01%

Frequently Asked Questions

Can I hold both GLFOX and FIW in my portfolio?

GLFOX and FIW have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLFOX or FIW?

FIW has higher volatility (5.47%) compared to GLFOX (2.84%). In terms of maximum drawdown, GLFOX dropped -29.65% vs FIW's -52.75%.

Which has better risk-adjusted returns?

GLFOX currently has the higher Sharpe Ratio (1.28 vs 0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.